Dan, I am fed up with Miramar. The press release Friday was just one more misstep and when nothing seems to go right for a company ever, at some point you have to come to the conclusion that management isn't working out.
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Hi JB,
You may be wise to exit, but at these prices, or lower, I still believe there is far more probable reward than potential risk in holding MNG to fruition.
Has anything really changed since their prior PR except that a relatively limited (four holes) step out drilling program didn't extend some known reserves to depth?
I can live with that. They have had great success in more than doubling Naartok's reserves during 2004 and I have to give them credit for aborting that step out drilling program instead of tossing more money at it.
The deposit is still open in other directions and will no doubt continue to be defined with additional drilling programs in the months ahead.
In Tony Walsh's words,
"Overall, the November drill results are disappointing," said Mr. Walsh. "These holes appear to have crossed some form of geologic boundary that is less favourable for gold mineralization. It is important to keep in mind however, that these results do not take away from the tremendous potential of the Naartok mineralization and the Madrid deposit in general. The successes of 2004, where drilling has doubled or perhaps even tripled the extent of the Naartok mineralization will give us numerous targets to pursue in 2005 as the Naartok mineralization still remains open in a number of directions.
Additionally, the permitting process is grinding along and Miramar now knows what they have to do to move forward.
From their PR:
Permitting
On December 14, 2004 Miramar announced that the Minister of the Indian and Northern Affairs Canada (INAC, formerly DIAND) had accepted the report of the Nunavut Impact Review Board (NIRB) issued in August, 2004, recommending that the Doris North project should not proceed on the basis of the current application. NIRB's report to the Minister identified five areas where additional information was required.
Miramar is nearing completion of the work required to address the issues of concern to NIRB and anticipates making a new application to NIRB for approval of the Doris North Project within the next few weeks.
In my opinion, there is too much value at Hope Bay for Miramar not to do whatever it takes to move this resource into production and fwiw, I honestly have no reservations w/r to continuing my LTBH stance in MNG for however long it takes.
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